How should income expenses be reported by two families who own a rental property 50/50?

How should income expenses be reported by two families who own a rental property 50/50?

by James F. DiFilippo, CPA | Jan 30, 2018
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Two families jointly own a rental property, 50/50. Can one partner show 100 percent income and expense on Schedule E and the other family not show any by agreement?

In this situation, you report all of the income and expenses but report the ownership as 50 percent on the respective 1040s. 

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Answered by: James F. DiFilippo, CPA, is the owner of DiFilippo & Company CPAs in Toughkenamon, Pa.

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